Very natural progress in the last decade and the consequences are to be seen in the coming decades
In the last 10 years, most of us have undergone a natural shift in our lifestyles and careers. Most of these changes are positive and very welcoming and satisfying. Some of these changes are not explicitly visible but are now part of our daily routine.
- Vacations as a part of the routine (Be it domestic/international)
- Buying/upgrading cars once in a few years
- Upgrading to the latest smartphones to smart TVs to smart homes.
- Thanks to Zomato & Swiggy, making food at home is now outdated.
- Too many brands in clothing, accessories, salons pampering us.
- Our engagement day, wedding day, birthdays have become extraordinarily special every year.
- Destination & Theme based weddings are the theme.
- Theme based baby showers. Pre & Post photoshoots are a must.
- Education centers have become a one-stop solution for education and extracurricular activities. Hospitals have become wellness centers.
- Credit cards and buy now, pay later has intruded our lives.
- Home is where your life is, so own up luxurious homes on loan.
- Fashionable & expensive hobbies are now new life goals.
If you consider these sluggish intruders in our lives over the last decade, our lifestyle and maintenance costs have increased. Now it’s more lifestyle costs than maintenance costs.
The most worrying part is that most of us blame this on the effect of inflation and not on improving lifestyles. While many of us make better money than our parents did, our ability to save and invest has not yet increased. Remember, some of us probably had parents who had a pension. Today, 99 percent of people do not have a pensionable job. Just think about it, if you’re going to retire today and keep your lifestyle up to date for the rest of your life, how much wealth should you have today?
The most important questions to ask yourself are how sustainable this lifestyle is? How much do I increase my investment capacity each year?